The top rental markets in Nevada are Las Vegas, Reno, and Henderson.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Nevada Rental Trends:
Nevada is one of the entertainment capitals of the world and has affordable housing for residents in great communities. Nevada’s economy is strongly based off of tourism and mining which means jobs are always available. Here are some highlights from the top rental markets in the Silver State.
Days on Market:
The cities with the lowest days on market are Reno and Henderson at 12 – three days under the national average which sits at 15 days; Las Vegas has the highest number of days on market at 13, still two days under the national average.
The top three towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- Reno – 49 leads per listing
- Las Vegas – 32 leads per listing
- Henderson – 24 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Henderson comes below that with the lowest average rent of $1,152 for a two-bedroom compared to the highest rent in Nevada at $1,409 in Reno.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Nevada’s highest median sale price comes above that at $400,000 in Reno with its lowest median sale price at $277,000 in Las Vegas.
Nevada’s median income rings in at $45,040 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Nevada’s cities between 2018 and 2019. With the largest being an increase of 28.57% in Henderson at $1,800, and the largest decrease at -10.71% in Reno with the current average at around $1,250 – above the national average for security deposits which is $1,200.
All of Nevada’s cities have a livability score of 68 or higher with the highest being Henderson at 82!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.